FIGURE YOUR NEW PURCHASE-MONEY REVERSE MORTGAGE (HECM) WITH THIS NEW EASY-TO-USE CALCULATOR

October 29th, 2008 by Admin. from Reverse Mortgage Daily

Most reverse mortgage calculator providers like Ibis won’t be updating their OFFICIAL calculators until the FHA mortgagee letter comes out soon, but Ibis, bowing to our curiosity was nice enough to provide the public with a calculator showing the NEW test $417K Purchase Money Calculator.

This tool shows the new national limit with three different Treasury HECM margins and has loan fees constrained to a range from $2,500 to $6,000.

[Remember: The figures on this page are estimates only, and are based on a variety of assumptions that are subject to change. Only an approved lender can determine eligibility for a loan or provide a “Good Faith Estimate” of loan terms. These estimates are based on interest rates for the week of October 28th and program home value limits as of October 26, which may or may not be applicable to a loan for which you may qualify.]

PURCHASE MONEY CALCULATOR

New HECM for Purchase Reverse Mortgage Effective 1-1-2009 (Click on connections below to test for your purchase.)

To run you purchase scenario there is a complex (Fancy) and a Simple form to run scenarios

The HECM is based on the appraised value or purchase price, whichever is lower and shows how much cash you need to bring to the table.

The complex (Fancy) form even allows for the actual appraised value to be different than the purchase price and allows for information on selling your current home.

Below is an example of 70 year old borrowers looking to purchase a $350,000 home who don't currently own their own home.

To test drive the Fancy Calculator, click https://www.ibisrmo.com/quotes/default_hfhp.aspx
For some fun and to see the full effect of the calculator, make the Sales price and Appraisal different. This version includes the sale of your present home.

To test drive the simple calculator, click https://www.ibisrmo.com/quotes/default_hfhp.aspx?pl=omn This calculator does not include the sale of any current home, and is useful for seniors who want to purchase a home with the Reverse Mortgage when they don't have a home to sell.

The exciting new purchase program, added to the refinance Reverse Mortgage, adds a huge dimension to the choices you have for your future - like moving to a location you've dreamed of, or moving closer to the rest of your family, or refinancing and staying in the home you love.

Both programs are the same in that there is no credit, asset, or income qualifications; no payments are required, and both loans are non-recourse loans, meaning that no matter what happens with your home, your other assets cannot be touched by the lender. Funds from both loans are non-taxable, and will not affect your Medicare or Social Security benefits.

If you have any questions about the actual costs, amortization schedule or have trouble using the calculator be sure to call me so I can provide you with the answers you want. My number is 703/244-8151. I can also run the new program for you, if you want to do a refinance reverse mortgage.

This is all very exciting for senior homeowners, and will help make retirement a better place to be.